Next up on the stage with Marc Ducler from Astral Resources. As Managing Director of Astral, Marc has led the company to where it stands today on the cusp of becoming a long-life, low-cost, 100,000 oz per annum gold producer right here in the heart of the WA Gold fields. Marc has more than 30 years of experience in the mining industry, including senior operational and executive roles. Prior to joining the company, Marc was previously Managing Director of Egan Street Resources until his successful takeover by Silver Lake Resources in late 2019. Thank you very much, Marc.
Cheers, thanks very much, Christian. Big thank you to Diggers & Dealers for giving us another crack here on stage today. Obviously, this is the third day of a gruelling three-day conference, so I'm assuming the attention spans are going to be short. I'll start with just six of the key points that I really want you guys to lock in on. Number one, we have 1.8 million oz in resources across three emerging hubs. Two, the new ounces that we've added, 1.5 million oz, have been added at less than AUD 20 an ounce in discovery cost. Thirdly, we now have 1.1 million oz in reserve as part of the pre-feasibility.
Four, the pre-feas, which we only put out six weeks ago, show that this project has a 100% internal rate of return, a one-year payback, and a net present value of AUD 1.4 billion when you're using a gold price of AUD 4,250 an ounce. Five, we are currently working on the DFS, and we will deliver that by June of next year. Finally, we're still drilling. We've got two rigs turning on site today, and we expect to continue to grow at that sub AUD 20 an ounce in discovery cost. Corporately, this is a relatively well-funded business, AUD 90 million in the bank as of the end of the June quarter. We do have the opportunity to bring in another AUD 6 million from [OPEs] that are expiring in October, and they strike at AUD 0.14. The gold price has been on a tear. Momentum has certainly swung back towards juniors and developers.
Last year, we were trading at AUD 0.075. Today, we're more than double that. Last year we had 8% institutional holding. Now we're approaching 24%. At a corporate level, all the right things are happening. We are building a really solid foundation for which we can then launch and accelerate towards development as we look to build our multi-decade gold mine. Pretty much 70 km from where we stand today, we have our Mandilla and Spargoville projects. Only 14 km from where we are today, we have Feysville. This is very much the heart of the Kalgoorlie gold fields. It's an area with potable water, gas pipelines, grid power, mining camps, airstrips. As any of you that were here over the last three days would know, just from the amount of vendors here, every major WA mining and maintenance contracting company actually has a presence here in Kalgoorlie.
The pre-feas demonstrated multi-decade mine development, 95,000 oz per annum for the first 12 years, and it has some very, very strong financials. When we actually put out the pre-feas, I've spent a fair bit of time overseas, over East, and over Zoom. We've had some really good support, met over 75 institutional funds. One of the questions I got was where do these assets come from? We have put out this little timeline just to give a bit of background. It starts off with some soil geochem in 1988. That identified what was to become the paleochannel at Mandilla, and then the Hestia and Theia fresh rock deposits. In 1989, WMC drilled the paleochannel, and the following year in 1990, they drilled arguably what was then to become the Theia fresh rock deposit. Post that initial discovery, WMC got pretty busy.
They had high-grade nickel and gold closer and on the Lake Lefroy, and Mandilla was effectively put on the back burner. Anglo Australian Resources, which was the precursor to Astral, came along in 2003 and bought out the assets for AUD 500,000 with a view to drilling out the paleochannel and mining it. They did mine that successfully. It actually produced 20,000 oz at 7 g per ton. Again, the company got put, all that asset got put on the back burner. When we came along in 2019, sorry, just post 2019, we came along, we started to look at these assets from the perspective of a bulk low-grade mine. We recapitalized the company. We set about removing what was a pretty ugly royalty when you think about it, 4% NSR, 10% price participation for every single dollar the gold price was over AUD 600 Aussie. We got busy.
I probably bang on a little bit about location, and that's because I really feel location matters. The advantages for us are very plain to see. This is reclaimed pastoral land. It's now vested with the Crown. The water table is hyper-saline, and there are no competing beneficial uses for this land. Whilst it doesn't remove the permitting risk, it certainly does a fair way towards minimizing it. Our process plant, mine offices, workshop, heavy vehicle [GoBay], they're all going to be located less than 500 m from the Coolgardie-Esperance Highway. That is the main freight corridor that actually joins the Eastern States to Western Australia. Within that corridor, you've got gas and you've got potable water. Our assets are also located 25 km from the town of Kambalda. Fantastic facilities, a 320-man camp.
Rather fortuitously, it's got about 250 rooms vacant at the moment, and it's got its own all-weather airstrip as well. As I mentioned before, every significant mining and maintenance contractor that you want to be talking to have facilities right here in the city of Kalgoorlie- Boulder. This ultimately will make for a lower risk CapEx and OpEx development. Just some highlights from the pre-feasibility: 95,000 oz per annum, 12 years, 1.1 g per ton. We treat low-grade for six and a half years. We are approaching that multi-decade mine, 18.5 years' worth of life of mine. All-in sustaining costs of sub AUD 2,100 an ounce, which is actually very competitive to our peer group. Peak negative cash flow: AUD 227 million, AUD 180 million for the process plant, non-process infrastructure, tailings, dams, and throw in some contingency, and then AUD 47 million for that initial pre-production mining.
The simple large-scale open pit, Theia, has a strip ratio of 5.5 to 1. The financials are incredibly robust at a AUD 2,450 gold price, AUD 1.4 billion in net present value, AUD 2.8 billion in free cash flow, one-year payback, 100% internal rate of return. We're basically here to ensure that we successfully develop this project. That means you have to de-risk it. If you see a problem, you cut a plan, you fix it. If you see a risk, you put in place some mitigating actions so you can move forward. One of the risks we had is the available tenure to build Mandilla was lacking. We recently completed a transaction for Maximus Resources that's fixed that. If I look at it through a really simple lens, I'm a metallurgist, not a mining engineer.
When you're doing open pit mining, it's about moving the least amount of waste you can and hauling it the shortest possible distance. This new design post that Maximus transaction allows us to do that. As a bonus, you get 139,000 oz of pit-constrained resources and 144 sq km of prospective tenure that we are currently drilling. If you actually have a look at that image, that there is the old Wattle Dam gold mine. It was the highest grade gold mine in Australia in its day, 210,000 oz at 14 g per ton. That's a stone's throw away. This Spargoville tenure we are now drilling. In April this year, in the lead-up to the pre-feas, we updated the resources for Mandilla. By early May, we'd actually restated Maximus Resources's mineral resources, and that gave us a group MRE of 1.8 million oz.
Our organic growth to date has cost less than AUD 20 an ounce in exploration costs. With the release of the pre-feas study, we have demonstrated that 95% of our resources convert into a production target at Mandilla, and 86% of the resources at Feysville convert into that production target. The resource-to-production target conversion rate is incredibly high. The read-through, I mean, we're getting some pretty good research coverage. The read-through for our analysts that I want them to really start to understand is be confident that if it actually qualifies as an Astral Resources ounce, then at a very high percentage, it will convert into a mineral ounce and will end up in our production target. A couple of slides on Mandilla. The mineralization at Mandilla is hosted within this large granite intrusion. There's four deposits hosted there now: Theia, Hestia, Eos, and Iris.
As I said, Wattle Dam, stone's throw away, and 20 km to our east, you've got the 20 million oz St. Ives gold camp. Very good region for gold. You could argue it's prolific, and it is inconceivable to us that we will not continue to find more gold and be able to continue to grow over time. This long projection is from that resource update in April of this year. The most recent diamond drilling that we did returned 400 g m across the holes that were drilled. It was our best program to date. We also hit some pretty high-grade structures. In one hole, 2.5 m at 170 g per ton, 10 m at 28 g per ton, 25 m at 4 g per ton.
The probable reserve for Theia alone is 829,000 oz, and we converted 99% of the indicated ounces in Theia into that probable reserve. That production target for this pit, 1.1 million oz, out of the total 1.2 million oz that we've currently discovered here. A 96% conversion rate. We've got 13,000 m of drilling planned here at Theia, 10,000 m of infill for the stage one pit, and then a 3,000 m program where we're targeting these high-grade structures. That infill program actually started yesterday, so that's underway. It's also important to remember this is the only +1 million oz open pit deposit within 100 km of us. We have our neighbors, we have Evolution, we have Gold Fields, we have Northern Star. This is the only +1 million oz deposit from open pit other than the Super Pit and Red Hill, both of which are Northern Star operations.
It is the only one that still belongs to a junior miner. Now, quickly, just having a look at Feysville. Feysville for us has always been about the high-grade gold and trying to find that gold and using it to displace Mandilla. This tenement package is 14 km from where we stand today. There's 200,000 oz at 1.2 g per ton. It actually contributed 132,000 oz of mine production as part of our pre-feasibility. When we were here last year, we said we wanted to target between 75,000 - 100,000 oz at 1.1 g- 1.3 g. We certainly landed right in the middle of that. This additional cash flow is actually really, really meaningful when you look at it, and it really highlights the value that these satellite hubs can have as you feed them into a Mandilla process plant. We are currently drilling at Spargoville.
When that program wraps up, one of those RC rigs will move over, and we've got a 7,000 m program to follow up some of the regional and also to continue to expand Kamperman . Looking ahead, we've completed over 9,600 m of drilling across Feysville, Iris, and Hestia. We are currently drilling at Spargoville. We've drilled, I think, 8,000 m. It's a 13,000 m program now because we've actually extended it. As we finish that, we've actually got another 5,000 m because as part of the Maximus transaction, we've actually got a lithium joint venture. We've got another 5,000 m of regional drilling to do there, which will also provide us with some pretty cheap gold assets as we're drilling those. We've actually planned and committed 20,000 m across Mandilla and Feysville, and that is currently obviously underway.
Our commitment to growth is plain to see when you actually look at the meters that we are going to be putting into the ground. From a project perspective, that DFS , we have committed the June quarter of next year. We will be looking to interview the DFS engineering partners that we've actually gone out to market for. They've submitted their tender documents. We'll be interviewing them next week. We are still on track to appoint that DFS engineer by the end of August. Permitting for Mandilla, we expect to get our works approvals in the next, we'll get the works approvals submitted within the next month or so, and then the DMIRS approval. That's basically your mining proposal and your native vegetation clearing permit. We'll look to put them in December of this year.
The reason that's actually pushing out to December is following the Spargoville transaction, we actually need to do one more spring survey. Once that's finished, we'll be in a position to submit those proposals as well. From a native title perspective, we've had some live discussions going for some time. We would expect to be able to execute an agreement on native title for Feysville this coming quarter, and that will pave the way for the mining tenements at Feysville to be actually granted. From DFS to a final investment decision to construction, this schedule is actually exceptionally tight. We want to deliver the DFS by the end of the June quarter. We want to be fully funded a month after that, and we want to hit the ground, start building the following month.
There are a few things we will need to do to compress that, which will also include doing a lot of that front-end engineering during the DFS phase. It's a tough schedule, but it sees us producing gold in the December quarter of 2027. To finish off, we are well-funded, AUD 19 million in the bank, and another AUD 6 million worth of [OPEs] that we should be able to bring in come October. The pre-feasibility that we delivered, it was on time, and it was within guidance. It is what we pretty much spoke to the market about, and we will deliver this DFS by the June quarter of 2026. We are certainly funded to achieve that outcome. We will continue to drill, and we will continue to grow, and we want to demonstrate that growth of that AUD 20 per ounce in discovery cost.
We are focused on de-risking our mine development. It might be actually boring work, but it's essential for us to actually move through to that. The institutionalisation of the register, the transaction for Maximus Resources, the infill drilling that we're currently doing, all of those things are essential so that we can be confident of our ability to successfully turn on this plant in that December quarter of 2027. These projects, they're located in the Kalgoorlie gold fields. This area is infrastructure rich. It has really strong community support. The local government support is really strong also, and it has a navigable regulatory framework, one that we are comfortable to operate within. Conventional mining, conventional processing. It's as simple as this stuff can get. I made a comment at a pitch yesterday.
I won't repeat it because it's definitely a pub comment, but it's very much about how simple this project is. The pre-feasibility shows that Mandilla prints cash, AUD 2.8 billion at a AUD 4,250 gold price. It's close to AUD 4 billion if you're using the spot price of just over AUD 5,200 today. As I said, this development timetable is aggressive, but we are focused on seeing first gold by December of 2027. Thank you.